Thursday, March 2, 2017

California Deep State geniuses see 4th consecutive cap and trade auction washout, market glutted with emission allowances. No matter. California Deep State--effectively a monarchy, able to do whatever it wants--will come up with way to guarantee financial "certainty" in flow of cash from poor to rich. Sadly, Canadian province of Quebec is part of Calif. cap and trade-Sacramento Bee, 3/1/17

The ARB was offering 43.7 million tons of state-owned
emission allowances, but sold just 602,340 tons of advance 2020
allowances, which means the state will see only $8.2 million, rather
than the nearly $600 million it could have received from a sellout.

Analysts have cited a glut of emission allowances on the
market, and political and legal uncertainty over the cap and trade
program for weak auction interest. The current program’s legality is
being challenged in a lawsuit and expires in 2020. Brown wants it to be
reauthorized by a two-thirds legislative vote to remove the legal cloud.